In an interview on Fox Business Network, Dallas Federal Reserve Bank President, Richard Fisher, expressed concerns that the Fed's Operation Twist is a dud.

"My suspicion is Operation Twist is having a very minor effect and I have argued that the benefits do not exceed the costs; the costs exceed the benefits. And that’s why I personally didn’t support the program. But I was in a minority," he told Fox's David Asman.

Fisher has been president of the Dallas Fed since 2005, and he is generally viewed as one of the more hawkish members of the Fed.

When asked if he supports more bond buying, Fisher said, "I argue we have so much money lying fallow that's just not being used . . . $1.5 trillion in excess bank reserves that are on deposit at the Federal Reserve Banks around the county. We also have great concern about final demand, due to Europe, China and so on... so I don't think it really adds."

He also expressed concerns that the Fed's policies could distort the market. "Theoretically, of course, any central bank can print unlimited amounts of money. But the real question is where does it start to interfere with the way that markets allocate securities?"